World News Daily(2024-09-21) : Sri Lanka's Presidential Election: A Nation at a Crossroads
Sri Lanka's Presidential Election: A Nation at a Crossroads
Sri Lanka's presidential election commenced on Saturday, with 17 million voters poised to determine the nation's future trajectory following a debilitating economic crisis. The contest is closely contested, featuring incumbent Ranil Wickremesinghe, Marxist candidate Anura Kumara Dissanayake, and opposition leader Sajith Premadasa.
Wickremesinghe, who assumed office in 2022 after Gotabaya Rajapaksa's departure, is under scrutiny for his economic management. Although he restructured over $17 billion in debt and secured an IMF agreement, high taxes and living costs remain pressing issues. Dissanayake and Premadasa pledge to renegotiate the IMF terms, with the goal of easing austerity measures.
The economic collapse, fueled by excessive borrowing and exacerbated by COVID-19, resulted in severe shortages of essential goods and widespread unrest. Critics of Wickremesinghe accuse him of protecting the Rajapaksa family, who are held responsible for the crisis. His initial election was largely supported by Rajapaksa loyalists.
Results are anticipated on Sunday, with the outcome expected to significantly influence Sri Lanka's path to recovery and stability.
ScoresPolitics
Sandvine Exits 56 'Non-Democratic' Countries Amid Surveillance Tech Controversy
Sandvine, a Canadian surveillance technology firm, has announced it will withdraw from 56 "non-democratic" countries. The company, known for selling tools that enable internet censorship and spying, now aims to concentrate on democratic markets. This shift follows investigations revealing Sandvine's sales to authoritarian regimes such as Belarus, Egypt, and the UAE.
The decision was based on The Economist Intelligence Unit’s Democracy Index and was made in consultation with the U.S. Department of Commerce and State. Sandvine has already exited 32 countries and plans to leave the remaining 24 by the end of 2025.
Pressure from the U.S. government played a significant role. Earlier this year, the Department of Commerce added Sandvine to its Entity List, accusing the company of aiding Egyptian government surveillance and censorship. Citizen Lab, a digital rights group, has also documented Sandvine's technology being used in Turkey and Syria for surveillance.
Experts believe this case demonstrates the effectiveness of U.S. sanctions in curbing the proliferation of surveillance technology. The U.S. has similarly targeted other firms, like NSO Group and Intellexa, with sanctions and blocklisting.
Explanation of Terms:
- Entity List: A list maintained by the U.S. Department of Commerce that restricts exports to entities deemed a risk to national security.
- Citizen Lab: A research group focused on digital rights and cybersecurity, based at the University of Toronto.
UN Chief Aims to Rally World Leaders for Global Governance Reform
António Guterres, UN secretary-general, aims to rally world leaders at the UN Summit of the Future to adopt a "pact for the future." This pact seeks to reform global governance, addressing issues like AI, climate change, and security council reform. Critics argue the agenda lacks specificity and may become another UN document gathering dust.
Guterres highlights the UN's inability to keep pace with modern challenges, from geopolitical divisions to runaway climate change and AI development. He insists the pact offers concrete steps, including security council reform and governance measures for new technologies.
David Miliband, International Rescue Committee CEO, sees practical proposals in the pact, focusing on strength and commitment rather than novelty. However, negotiations face familiar hurdles: Cold War standoffs, funding shortages, and Western reluctance to cede power.
Russia opposes specific nuclear disarmament references, and some argue the UN is not the right forum for certain issues. Richard Gowan, UN specialist, notes Western reluctance to address financial imbalances.
On security council reform, the US proposes new permanent seats for African countries without veto power, but India and Brazil also press their claims. Ingenious solutions to reduce veto power exist but face objections from major powers.
Guterres' vision is ambitious, but the path to consensus remains fraught with challenges.
ScoresIndonesia and Japan to Strengthen Carbon Trading Cooperation
Indonesia and Japan are set to sign a bilateral agreement promoting carbon trading by the end of September. This move aligns their emission-reduction certification schemes, facilitating private and public sector involvement.
Vice Minister for Environment and Forestry Alue Dohong highlighted potential projects, including Sumitomo Forestry’s peatland restoration in Central Kalimantan. He emphasized that carbon trading is crucial for Indonesia’s goal of carbon neutrality by 2060, requiring support from developed nations.
The agreement aims to showcase Indonesia ’s progress at COP29 in Azerbaijan, demonstrating the feasibility of Article 6 of the Paris Agreement. Dohong expressed hope that other countries, like South Korea, Singapore, and Malaysia, will follow suit.
Indonesia is preparing its second Nationally Determined Contributions (NDCs) for 2035, expanding beyond forestry and energy to include marine sectors like mangroves and coral reefs. This reflects a broader strategy to capture and store atmospheric carbon dioxide.
Key Terms:
- Carbon Trading: The buying and selling of carbon credits, which represent the right to emit a certain amount of carbon dioxide.
- Joint Crediting Mechanism (JCM): A Japanese system that promotes international cooperation for greenhouse gas emission reduction.
- SPEI: Indonesia’s system for certifying emission reductions.
- Carbon Neutrality: Achieving a balance between emitting carbon and absorbing carbon from the atmosphere.
- NDCs (Nationally Determined Contributions): Commitments made by countries to reduce greenhouse gas emissions as part of the Paris Agreement.
Society
Norway Achieves Historic Milestone: Electric Cars Outnumber Petrol Vehicles
Norway's electric cars now outnumber petrol cars.
754,303 electric vehicles vs. 753,905 petrol.
Diesel remains most common but declining.
OFV director calls it a historic milestone.
Norway leads in electric car adoption.
Rapid Melting of Antarctic 'Doomsday Glacier' Raises Sea Level Concerns
Thwaites Glacier, known as the "Doomsday Glacier," is melting faster. It holds enough ice to raise sea levels by over two feet. Scientists used ice-breaking ships and underwater robots to study it. They found warm ocean water melting the ice through deep cracks. While a catastrophic collapse is less likely, the glacier could disintegrate within 200 years. This could lead to a 10-foot sea level rise, devastating coastal areas.
ScoresChina's 3000 Billion Yuan Subsidy Initiative to Boost Domestic Consumption
In 2024, China's "Consumption Promotion Year" is characterized by a massive "subsidy wave," with 3 trillion yuan allocated from special government bonds. This initiative, aimed at stimulating domestic demand, surpasses previous efforts like the 2008-2009 "Home Appliances to the Countryside" program.
The subsidies cover five main areas:
- Home Appliances: 15-20% discounts on energy-efficient products, up to 2000 yuan per item.
- Automobiles: Double the previous subsidies for electric and low-emission cars.
- E-bikes, Home Renovation, Smart Home: Customizable subsidies by local governments.
- Old Trucks, Agricultural Machinery: Substantial rebates for upgrades.
- Business Equipment: No minimum investment requirement, benefiting small and medium enterprises.
This policy echoes past successes:
- 2008-2009: "Home Appliances to the Countryside" boosted sales and GDP.
- 2019-2022: "Automobiles to the Countryside" revived the electric vehicle market.
Unlike previous local-led "consumption vouchers," this central government initiative ensures substantial, widespread impact. The 9:1 cost-sharing ratio between central and local governments minimizes fiscal strain.
The shift signifies a move from heavy investment to prioritizing domestic consumption. Historically, investment drove China's growth, but its diminishing returns necessitate a pivot. While innovation remains crucial, the inherent risks and uncertainties make consumer demand the safer bet.
China's reliance on exports faces external challenges, making internal consumption vital. This policy aims to elevate consumer spending's contribution to GDP, currently below global averages. Early indicators show promise, but sustained impact remains to be seen.
ScoresEconomy
Federal Funds Boost Battery Tech Startups Across 14 States
The federal government has just invested $3 billion into 25 battery technology startups across 14 states. This funding, part of a $16 billion allocation from the Department of Energy, aims to bolster local battery manufacturing, processing, and recycling. The objective? To reduce dependence on China, the current leader in battery production.
South Carolina received the largest share of funds—$850 million for five projects. Michigan followed with $355 million. One notable recipient: Cirba Solutions was awarded $200 million to construct a facility for producing battery-grade salts.
This investment covers the entire battery supply chain, from mineral extraction to recycling. The initiative aims to create 18,000 jobs and shift the battery industry's center of gravity.
ScoresUkraine Faces Severe Electricity Shortages Amid Russian Attacks
Russia's relentless attacks on Ukraine's power infrastructure have crippled its electricity generation. The International Energy Agency (IEA) warns that Ukraine may face severe shortages this winter. By mid-year, only a third of pre-war capacity remained. Rolling blackouts are now common, with some regions receiving power for just a few hours daily.
The IEA predicts a winter peak demand of 18.5 gigawatts (GW), but with imports, a 6 GW shortfall is likely. This winter will be the toughest test yet for Ukraine's energy system since Russia's invasion. European Commission President Ursula von der Leyen is set to meet with Ukrainian President Volodymyr Zelenskyy to discuss EU energy assistance.
ScoresThe 2023 China Digital Publishing Industry Surges to 16179.68 Billion Yuan.
In 2023, China's digital publishing industry surged to 1,617.968 billion yuan, a 19.08% increase. The digitization of traditional media saw modest growth at 8.56%, reaching 113.89 billion yuan. Online education and web-based anime contributed significantly, with revenues of 288.2 billion and 36.403 billion yuan, respectively.
This growth reflects a broader digital transformation trend. Despite initial resistance, traditional media adapts, albeit slowly. The robust rise in online education and anime underscores evolving consumer preferences.
Digital media's resilience amid economic shifts is notable. The industry's trajectory suggests sustained momentum, driven by tech advancements and changing consumption patterns.
ScoresFTC Sues Major Health Companies Over Alleged Insulin Price Inflation
The Federal Trade Commission (FTC) has sued three major U.S. health companies—UnitedHealth Group's Optum Rx, CVS Health's Caremark, and Cigna's Express Scripts—alleging they inflate insulin prices through a "perverse" rebate system. These companies, known as Pharmacy Benefit Managers (PBMs), negotiate drug prices on behalf of insurers and employers. The FTC claims PBMs prioritize high rebates from drugmakers, leading to artificially high insulin list prices, even when cheaper alternatives exist.
PBMs control about 80% of the nation's prescriptions. The FTC's lawsuit also targets their affiliated Group Purchasing Organizations (GPOs), which broker drug purchases for hospitals. The agency may sue insulin manufacturers Eli Lilly, Sanofi, and Novo Nordisk in the future, accusing them of inflating prices in response to PBM demands.
Millions of Americans with diabetes rely on insulin, yet many face skyrocketing costs. The FTC aims to end this exploitative conduct, potentially lowering drug prices beyond insulin. President Biden's Inflation Reduction Act caps insulin prices for Medicare beneficiaries at $35 per month but excludes those with private insurance.
The FTC remains concerned about insulin manufacturers' role in higher prices. Eli Lilly, Sanofi, and Novo Nordisk control 90% of the U.S. insulin market. For instance, Eli Lilly's Humalog insulin list price rose from $21 in 1999 to $274 in 2017. All drugmakers should be aware that such conduct raises serious concerns, the FTC warns.
Eli Lilly, Sanofi, and Novo Nordisk have recently taken steps to reduce insulin costs, including capping out-of-pocket expenses at $35 per month for some insulins. However, the FTC's lawsuit seeks to address systemic issues in the drug pricing process.
ScoresChina's automobile market is experiencing robust growth, with new energy vehicle sales expected to exceed 10 million units.
The automotive market has seen a significant surge in demand driven by the "trade-in for new" policy. From January to August 2024, the wholesale sales of passenger vehicles reached 16.151 million units, a year-on-year increase of 3.3%. The sales of new energy vehicles were particularly strong, with wholesale sales in July reaching 953,000 units, a year-on-year increase of 27.7%, and a penetration rate of 47.8%. It is expected that the annual sales of new energy vehicles will exceed 10 million units, a significant increase from less than 100,000 units in 2014.
In the domestic market, Chinese car brands have surpassed 60% market share in the new energy era, far exceeding the 40% in the traditional gasoline car era. In terms of policy, the scrappage and replacement subsidy reaches up to 20,000 yuan, effectively stimulating the demand for replacing old vehicles. Local governments have also introduced replacement subsidies to further boost consumption.
In terms of exports, China's passenger vehicle exports reached 4.08 million units in 2023, surpassing Japan to become the world's largest exporter. From January to August 2024, exports reached 3.175 million units, a year-on-year increase of 29.4%, with nearly a quarter being new energy vehicles. Major carmakers are accelerating their overseas expansion, increasing production capacity, and introducing new products.
In the next decade, China's automotive industry is expected to rise globally, with domestic market share potentially reaching 80% and global market share challenging 30%. Intelligence and globalization are the two main drivers. The passenger vehicle sector is showing stable and positive performance, with leading companies like BYD and Great Wall Motors standing out.
Brief Analysis: The Chinese automotive market is showing strong growth momentum driven by policy and new energy. Domestic brands have significantly enhanced their competitiveness, exports are continuously growing, and the future development prospects are broad.
ScoresTechnology
Real-World Applications of Blockchain and AI in Web3
5 Real-Life Uses of Blockchain and AI That'll Make You a Web3 Believer
Blockchain and AI are no longer just buzzwords. They're reshaping industries:
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Supply Chain Transparency: Blockchain ensures every step from farm to table is recorded. No more mystery in your food.
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Smart Contracts in Finance: These digital agreements auto-execute when conditions are met. Faster, cheaper, and safer transactions.
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Healthcare Data Security: Blockchain secures patient records. AI analyzes this data for personalized treatments.
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Voting Systems: Blockchain ensures votes are tamper-proof. AI can predict voter behavior, aiding campaign strategies.
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Energy Trading: Blockchain lets you sell excess solar power. AI optimizes energy use, cutting costs.
Insights: Web3 isn't just for techies. It's practical, touching daily life. From safer healthcare to transparent food, these technologies are the future. Embrace them or be left behind.
ScoresAI Revolutionizes the Restaurant Industry: Robots and Automation Take Center Stage
AI is revolutionizing the restaurant industry. Robots now cook, brew, and serve, replacing chefs and baristas. Beijing issued its first "embodied AI robot food license" in September, allowing robots to handle diverse tasks from cooking to safety checks.
These robots, like those from Enjoy Cooking Intelligence, can adapt to various cuisines and learn new recipes. They promise efficiency and cost savings, with one maintenance worker overseeing multiple units.
AI isn't just about cooking. It's also in marketing, with AI-generated food images and ads becoming common. For instance, McDonald's Japan used AI to create a viral ad featuring animated girls interacting with fries.
AI models like "食神" (Shíshén) offer personalized cooking advice, making gourmet cooking accessible. These models, akin to having a personal chef, adjust to user preferences and kitchen conditions.
Regulatory bodies are also using AI, such as China Mobile's "千里眼" (Qiānlǐyǎn), to monitor kitchen hygiene and safety. This ensures compliance and enhances food safety.
The integration of AI in restaurants is inevitable. Those who embrace it will thrive, while traditional methods may fade. The future is here, and it's automated, efficient, and smart.
ScoresVideo Game
World of Warcraft Introduces Solo Raid Story Mode
World of Warcraft introduces "Story Mode," allowing solo players to complete raid storylines. Previously, raids required groups. Story Mode simplifies the final boss fight, removing complex mechanics to focus on narrative. Rewards differ from harder modes, preserving their value. Currently exclusive to the Nerub-ar Palace raid, Blizzard hints at broader application. This move expands accessibility, catering to diverse play styles.
ScoresUnity 6 Announced for Global Release on October 17, 2024
Unity 6, scheduled for global release on October 17, 2024, promises enhanced stability and performance. It offers customizable graphics, streamlined multiplayer development, and tools for web-optimized games. Unity 6.1, due in April 2025, adds support for foldable screens and new rendering techniques. A demo, "Time Ghost," will showcase Unity 6's capabilities, while "Fantasy Kingdom" will be available for free on the Unity Asset Store.
ScoresEntertainment
Netflix Geeked Week 2024 Highlights: New Series, Games, and Tech Innovations
Netflix Geeked Week 2024:
- New series: "Cyberpunk: Edgerunners 2," "The Witcher: Blood Origin" prequel.
- Games: "The Witcher 3: Wild Hunt" next-gen update, "Stranger Things" mobile game.
- Tech: Spatial audio for better sound, AI-driven content recommendations.
Insights:
The week highlighted Netflix's expansion into diverse media formats. From anime to gaming, the platform aims to keep subscribers engaged. Technological advancements, such as spatial audio, suggest a future where entertainment becomes more immersive. However, the reliance on AI for content suggestions raises concerns about the balance between personalization and algorithm-driven uniformity.
ScoresJapanese Pop Culture Firms See Stock Surge Amid Global Interest
The Emmy-winning "Shogun" has piqued investor interest in Japanese content producers such as Sanrio and Konami. These companies, known for characters like Hello Kitty and video games, have seen stock highs despite market volatility.
Sanrio and Konami trade at around 30 times forward earnings, with Sanrio's return on equity (ROE) at 29% and Konami's at 14%. Their growth is fueled by intellectual property (IP) licensing, which offers high margins with minimal additional costs. For instance, Sanrio expects royalties to account for 46% of its revenue this year, driven by over 450 characters, including Hello Kitty and Cinnamoroll.
Toho, a movie studio, won an Academy Award for "Godzilla Minus One" and plans to self-distribute "My Hero Academia: You’re Next" in the U.S. The global market for Japanese content reached 4.6 trillion yen ($31.9 billion) in 2022, driven by online games and anime.
The post-COVID streaming boom has expanded licensing opportunities, allowing content companies to earn from both new and past works. This steady revenue stream supports their earnings.
Insights: The success of "Shogun" and other Japanese content reflects a broader trend of non-English media gaining global traction. Companies like Sanrio and Konami benefit from diversified IP portfolios, reducing reliance on single hits. The streaming era has unlocked new revenue streams, making content licensing a lucrative strategy. As global audiences embrace diverse media, Japanese producers are well-positioned to capitalize on this shift.
ScoresHealth
Canada Urged to Recall Unsafe Murphy Beds After Child's Death
A five-year-old boy died when a Murphy bed, lacking safety features, crashed down on him in a Quebec hotel. Coroner Donald Nicole urges Canada to recall all unsafe Murphy beds and enforce international safety standards.
Murphy beds, or wall beds, fold into walls. The boy, Anthony Putnam, was playing under one when it suddenly opened. The bed lacked a locking mechanism and didn’t meet ISO 10131 safety standards.
Nicole’s report found the bed’s springs had low resistance, allowing it to open rapidly. This isn’t the first such incident; two other deaths in 20 years prompted similar calls for safety standards.
Despite the tragedy, some manufacturers continue selling unsafe beds. The hotel quickly upgraded its beds with safety notices and restraints. However, the manufacturer, Les meubles BOFF Inc., hasn’t confirmed compliance with safety standards.
Nicole recommends Health Canada mandate ISO 10131 compliance and remove non-compliant beds from the market. He also urges hotel associations to inform guests of the risks.
Health Canada acknowledges the need for stricter regulations, working with international bodies to enhance safety beyond current standards.
ScoresJ&J Subsidiary Files for Bankruptcy to Advance $8 Billion Talc Settlement
Johnson & Johnson's subsidiary, Red River Talc, has filed for bankruptcy for the third time, aiming to push through an $8 billion settlement. This move seeks to resolve over 62,000 lawsuits claiming the company's talc products, including baby powder, caused cancer. J&J denies these allegations, maintaining product safety.
The "Texas two-step" bankruptcy strategy involves transferring talc liabilities to a new subsidiary, which then files for Chapter 11. This method aims to consolidate all claims into one settlement without J&J itself declaring bankruptcy. Bankruptcy courts can enforce global settlements, halting all related lawsuits.
J&J's previous attempts were rejected, but this third effort has secured support from 83% of current claimants. The company needs 75% approval to enforce the deal. This round focuses solely on ovarian and gynecological cancer claims, differing from earlier, broader settlements.
Legal challenges persist. The June U.S. Supreme Court decision on Purdue Pharma's bankruptcy, previous court dismissals, and proposed federal legislation could hinder J&J's strategy. The company remains in a bitter dispute with opposing lawyers.
Explanation:
- Chapter 11 Bankruptcy: A type of bankruptcy involving reorganization of assets and debts under court supervision.
- Texas two-step: A legal maneuver where a company transfers liabilities to a subsidiary, which then files for bankruptcy to settle claims.
Sports
North Korea's U-20 Women's Soccer Team Defies Expectations in World Cup Final
North Korea's U-20 women's soccer team has defied expectations by reaching the World Cup final in Colombia. This achievement follows years of isolation and limited international play. The team's success is attributed to the North Korean ideology of "juche," emphasizing self-reliance.
The team, coached by Ri Song Ho, has dominated the tournament, winning all six games. They scored 24 goals and conceded only four. Ri's innovative tactics, including early substitutions, have been praised.
This victory marks a significant return for North Korea, which had struggled in recent years due to bans and lack of international competition. The team's performance suggests that self-reliance and internal development can rival international preparation.
North Korea's women are once again a global force in soccer.
ScoresWorld Nomad Games Celebrate Central Asian Sports and Culture
ASTANA, Kazakhstan — The Fifth World Nomad Games, held in Astana, Kazakhstan, brought together over 2,000 competitors from 89 countries. This biennial event, now in its 10th year, celebrates Central Asian sports and culture.
Kazakhstan dominated with 112 medals, including 43 golds. Kyrgyzstan followed with 65 medals. Russia, Uzbekistan, Mongolia, and Iran also made strong showings.
The games featured 21 disciplines rooted in traditional nomadic life, including archery, wrestling, and horse racing. Audaryspak, a horseback wrestling event, and zhamby atu, a horseback archery competition, showcased the skills of riders.
Kokpar, a wild equine sport involving a decapitated goat, was a highlight. Kazakhstan won this event, which is akin to horseback rugby or polo.
Wrestling styles like qazaq kuresi and kurash were also featured. Betty Vuk, an Italian woman, won Italy’s first gold in the women’s qazaq kuresi event.
Kusbegilik, an endangered art of hunting with birds of prey, judged the flight speed and responsiveness of eagles, falcons, and hawks.
The games not only showcased physical prowess but also preserved the rich cultural heritage of Central Asia’s nomadic peoples.
ScoresFood
China and Japan Agree to Resume Seafood Imports
Japan and China agree to resume seafood imports. China halted them in 2022 due to Fukushima's treated water release. The International Atomic Energy Agency (IAEA) will expand monitoring, including Chinese and other experts collecting samples. Based on these results, China will resume imports meeting its safety standards. Japan aims for a complete lift of the suspension.
Scores